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Mel Jenner
30 May 2017 · 2 min read

Witan Investment Trust announces changes to its global equity managers

Number of global managers reduced from five to three

Witan Investment Trust (WTAN) has announced a consolidation of its global managers from five to three. Existing managers Lansdowne Partners, Pzena Investment Management and Veritas Asset Management will each manage c 14% of WTAN’s assets (as at mid-May 2017 versus between 10% and 13% at end-April 2017). MFS Investment Management and Tweedy, Browne Company managed 5% and 3% respectively; their accounts will be closed. MFS was appointed in September 2004, when WTAN adopted its multi-manager approach and Tweedy, Browne in December 2013. WTAN’s CEO Andrew Bell says the change is intended to increase the trust’s performance potential. As a result, WTAN’s active share (a measure of how its portfolio differs from the benchmark) will increase from 70% at end-FY16 to 74%.

WTAN is a self-managed global investment trust that adopts a multi-manager investment approach, with the aim of reducing the performance volatility that can arise from dependence on a sole manager. Following the changes to its global managers, WTAN will have nine external managers who have high-conviction investment processes in both growth and value strategies, focusing on long-term fundamentals rather than short-term momentum. Global managers were allocated c 40% of total assets as at end-FY16; they are not constrained by regional allocations. The balance of the fund is allocated to regional managers and up to 10% is invested in collective funds selected by WTAN’s executive team.
To read our latest research note on WTAN, please click here.

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